the republic logo

American International Group posts 1Q profit of $2.47 billion, result tops expectations

bug
Share/Save/Bookmark

NEW YORK — American International Group Inc. on Thursday reported better-than-expected earnings in the first quarter, partly boosted by improvement in commercial insurance underwriting.

The New York-based insurance conglomerate said it earned $2.47 billion, or $1.78 per share. Earnings, adjusted for non-recurring gains, came to $1.22 per share. A year ago the company reported net income of $1.61 billion, or $1.09 per share.

The results surpassed Wall Street expectations. The average analyst estimate according to Zacks Investment Research was for earnings of $1.18 per share.

AIG repurchased $1.4 billion in stock during the first quarter, and it said its board has approved the buyback of up to $3.5 billion more in shares. The company also declared a dividend of 12.5 cents per share, payable on June 25 to shareholders of record as of June 11.

AIG posted revenue of $5.96 billion in the January-March period.

American International Group shares have risen slightly since the beginning of the year, while the Standard & Poor's 500 index has risen slightly more than 1 percent. Shares closed regular trading Thursday at $56.29, a climb of nearly 6 percent in the last 12 months, and added 34 cents to $56.63 in late trading after the earnings announcement.

_____

Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AIG at http://www.zacks.com/ap/AIG

_____

Keywords: American International Group, Earnings Report

Think your friends should see this? Share it with them!

Story copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.


We also have more stories about:
(click the phrases to see a list)

Category:

Follow The Republic:

All content copyright ©2015 The Republic, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.